Question:
I am interested in finding a location to open a business for a direct EB-5 investment and I would like to do it in a TEA so my investment can be lower. How do I find out where the TEA's are in a given state? Is it public record or is that something I need to calculate myself?
Answers:
Each state has a department designated to list counties that ate TEA's. Alternatively, if a county is not designated a TEA, then with the assistance of an experienced EB-5 Attorney and Economist you may combine contiguous census tracts with state approved data to specify a geographical TEA.
In some states, counties are designated at TEAs. The entity that makes this designation will depend on the state. In addition, census tracts can be designated as TEAs. We recommend the assistance of a qualified EB5 attorney who can coordinate with Economists and State Agencies to obtain these designations, and ensure compliance with current rules, regulations, and policies.
TEA's may be identified with raw reliable data as to unemployment rates OR the State can do that for you. IF the TEA is allegedly based on being Rural, then BE CAREFUL, some rural-like places are inside MSAs (Metropolitan Statistical Areas) which disqualifies them under the statute that defines TEAs. Are you sure that you can create 10 full-time jobs based on an investment of only $500,000.00 in this day and age? I have doubts about achieving success at the full one-million dollar level.